No, you're missing something. Current law says, if you take Medicare and/or Medicaid, when the life of the mother is threatened, you must either a) perform the abortion, or b) make a referral to a facility that does. That's what you quoted. This law is saying they don't have to make even the referral. This is relevant because those who are anti-abortion are generally loath to send patients off to get an abortion somewhere else. It isn't just that they won't perform it themselves.
So under this law, if a woman is in a life threatening situation, the hospital can say, "she'll die without an abortion, but we won't perform one." The husband then says, "well can you please transfer her to a facility that will perform one." The hospital: "sorry, we can't help you with that. We're anti-abortion. I'm sure we wouldn't know the first thing about doctors who perform this evil procedure. You can find a provider yourself and arrange for transportation. Too bad its an emergency. You'd better get busy."
As for Catholics being forced to do something against their religion, well they've been operating under the existing law for years now and they're still taking Medicaid.